26 August 2009 - Completion of Disposal of EnCore SNS Ltd (Breagh Gas Discovery)
Press Release
For immediate release: 26 August 2009
EnCore Oil plc (‘EnCore’ or ‘the Company’)
Completion of Disposal of EnCore SNS Ltd (Breagh Gas Discovery)
EnCore Oil plc (LSE: EO.) is pleased to announce the completion of the sale of its 15 per cent. interest in the Breagh gas discovery on Block 42/13 and surrounding acreage in the UK Southern North Sea.
In line with the announcement on 22 July 2009, RWE Dea has paid a total cash consideration to EnCore of US$44.7million plus £14.7m (in repayment of inter-company debt). 20 per cent. of the consideration for the sale of EnCore (SNS) Ltd (US$12.8million) will be held in an interest bearing escrow account for 12 months as security against any potential warranty or indemnity claims by the purchaser.
There is not expected to be any tax payable by EnCore on the sale proceeds.
For further information, please contact:
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EnCore Oil plc
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Alan Booth, Chief Executive Officer
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+44 (0)20 7224 4546
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Eugene Whyms, Chief Financial Officer
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Yvonne Fraser, Investor Relations Manager
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+44 (0)7957 241 408
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Aquila Financial Limited
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Peter Reilly
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+44 (0) 118 979 4100
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Hanson Westhouse Limited
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Tim Feather
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+44 (0)20 7601 6100
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Matthew Johnson
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Wednesday, August 26, 2009
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